Mooney Aerospace Group, Ltd. Emerging From Bankruptcy | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Airborne 05.02.16

Airborne 05.03.16

Airborne 05.04.16

Airborne 05.05.16

Airborne 05.06.16

Airborne Hi-Def On YouTube

Airborne 05.02.16

Airborne 05.03.16

Airborne 05.04.16

Airborne 05.05.16

Airborne 05.06.16

AEA2016 LIVE Aero-TV: 04/27-0830ET, 04/28-1400ET, 04/29-1100ET

Sun 'n Fun 2016 Innovation Preview on Vimeo!

Sun 'n Fun 2016 Innovation Preview on YouTube!

Thu, Dec 16, 2004

Mooney Aerospace Group, Ltd. Emerging From Bankruptcy

Plan of Reorganization Approved by Bankruptcy Court, Mooney Airplane Company Stock to Be Reacquired

Mooney Aerospace Group, Ltd.'s Plan of Reorganization was approved by the U.S. Bankruptcy Court for the District of Delaware Wednesday. A court order has been submitted to the judge for signature. As of December 15, 2004 the company will have a new trading symbol, MNYG.OB. As part of the plan, the company will reacquire the stock of Mooney Airplane Company from its current owner, Allen Financial Holdings, Ltd.

As part of the plan, existing shareholders will be issued new shares of Mooney Aerospace Group, Ltd. common stock based on a reverse split of 3223 old MASG shares for one share of new common stock. (Fractional shares will be issued as part of the plan.)

J. Nelson Happy (below, right), President and CEO of Mooney Aerospace Group, Ltd., commented: "We are very pleased to have the bankruptcy proceeding behind us. We now have a fresh start without old financial problems diverting management's attention from our core business, which is making and selling airplanes and thereby enhancing shareholder value. I am especially pleased to welcome Gretchen Jahn, the recently appointed CEO of Mooney Airplane Company. She has already shown herself to be a strong leader of the Mooney team. We are looking forward to 2005 as a year of consolidation of the business improvements initiated since our acquisition of the Mooney assets in 2002."

According to Mr. Happy, "Special thanks are due to our creditors, who approved a plan of reorganization which allowed our existing shareholders to continue to have an equity stake in the company, although smaller than before. This is unprecedented in my experience. Our existing shareholders should submit their shares to our stock transfer agent, American Stock Transfer and Trust Co., 59 Maiden Lane, Plaza Level, New York, N.Y. 10038; phone 800-937-5449, by mail or through their stock broker."

The plan imposes two restrictions on sale of the new stock, which is otherwise free trading. No sale of the stock may occur until 90 days after the plan's effective date. Thereafter, no more than 10% of each shareholder's total holdings can be sold per month. Complete details of the Plan of Reorganization can be read as part of the Company's most recent quarterly report filed with the Securities and Exchange Commission.

FMI: www.mooney.com

Advertisement

More News

Airborne 05.03.16: Solar Impulse 2, SpaceX v Mars, 5000 Section 333 Exemptions

Also: Textron Drone, Aero-Calendar, Aviation Gateway Park, NASA And FAA, R22 Flashcards, MI Av Program, ArcaBoard At the time we put this report together, the Solar Impulse 2 had s>[...]

Airborne 05.03.16: Solar Impulse 2, SpaceX v Mars, 5,000 Section 333 Exemptions

Also: Textron Drone, Aero-Calendar, Aviation Gateway Park, NASA And FAA, R22 Flashcards, MI Av Program, ArcaBoard At the time we put this report together, the Solar Impulse 2 had s>[...]

Airborne 05.02.16: Delta Buys CSeries, Tecnam P2010, Skydiving Competition

Also: Small UAS Rules, Blue Angels/Sully, SpaceX, LOC Accidents, F-35 Program, FlexJet-Flight Options, Airplane Rescue The Bombardier C-Series aircraft program received a major boo>[...]

AD: Mitsubishi Heavy Industries, Ltd. Airplanes

AD NUMBER: 2016-08-19 PRODUCT: Certain Mitsubishi Heavy Industries, Ltd. Models MU-2B-30, MU-2B-35, MU-2B-36, MU-2B-36A, and MU-2B-60 airplanes.>[...]

AD: Piper Aircraft, Inc. Airplanes

AD NUMBER: 2016-08-18 PRODUCT: Certain Piper Aircraft, Inc. Model PA-31-350 airplanes.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2016 Web Development & Design by Pauli Systems, LC